The risk that invented individual companies will not do as well as expected. Insurance to pay back the insured person's loan for his death. Insurance in which the insured party pays part of the bill and the insurance company pays the rest. *For Conventional Insurance plan, this is known as Policy.Īn insured person asks the insurance company to pay him back for medical expenses or other expenses covered by the policy or the recipient asks the insurance company to pay the death benefit in the life insurance policy. The amount of money the life insurance policy owner will receive as a refund if the policy owner cancels the coverage and returns the policy to the company.Īn evidence of a contract between a participant and a takaful operator which sets out the terms and conditions of the particular certificate. *For Takaful plan, this is known as Sukuk. Investment securities whereby an investor lends money to a company or government, in return of interest payments over a specified time frame, and repayment of principal at a later date. It is possible to change this type of transfer at a later date.Īn individual who become eligible to receive payment due to will, life insurance policy, retirement plan, annuity, trust, or other contract.Īn individual who become eligible to receive payment from the life insurance policy if the first recipient dies.īeneficiaries that cannot be changed without their permission. The transfer of all or part of a policy owner’s legal title and rights to a policy to another person. These are a liability to the company and not included in written premium or the unearned premium reserve. Premium that occurs when a policy has been processed, and the premium has been paid prior to the effective date. Money paid to the heirs if the insured person dies by accident.
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